
PDL BioPharma CEO Mark McDade to Resign, Company to Restructure
PDL BioPharma (Fremont, CA), has announced that three-month internal investigation of the company's chief executive officer (CEO), Mark McDade, found no credible evidence to substantiate the allegations made by shareholders.
PDL BioPharma (Fremont, CA), has announced that
The investigation of McDade determined that there was no credible evidence of a conflict of interest relating to an alleged relationship between McDade and another officer of the company, that there was no breach of a fiduciary duty by McDade with respect to an alleged offer (or indication of serious interest) from a pharmaceutical company to acquire PDL, and that McDade did not improperly withhold information from the board with respect to this alleged offer, and that no offer was in fact ever made by the named pharmaceutical company.
On the heels of this announcement, PDL has also announced a significant
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